CBN assures public of Keystone Bank’s stability after court order

The Central Bank of Nigeria (CBN) on Friday reassured the public that Keystone Bank Limited remains
safe, sound, and fully operational.

This followed the court order that the shares of Keystone Bank Limited previously held by
the shareholders be forfeited to the Federal Government of Nigeria.

“We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities. Keystone Bank’s operations are entirely
secure, and there is no reason for concern,” a statement signed by Hakama Sidi Ali, acting director, corporate communications department said.

For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership. Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards,
operational transparency, and the interests of depositors.

“As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders.
Customers are also encouraged to contact Keystone Bank’s customer support or visit
any Keystone Bank branch for inquiries or concerns,” the statement reads.